Every hotel has essentially the same criteria to measure their revenue management team’s success – how the hotel’s RevPar compares to the competition. The primary goal for revenue management is to increase RevPar as much as possible by achieving the optimal ration of occupancy and rate. This is achieved through a combination of setting the right price for each day, as well as ensuring there are enough demand-generating initiatives in place by working with both sales and marketing.
Today, revenue management is no longer just about data-analysis skills, but requires equal finesse in communicating with the entire hotel team to ensure everyone is making informed decisions on ways to bring in the right mix of business.
Certification in Hotel Industry Analytics
Our Revenue Management Concierge service focuses on driving RevPar through services customized to your hotel. Our customized service level gives you the option to alleviate stress related to managing the role of revenue management so that you can focus on your guests at your hotel.
Our Total Revenue Management service identifies and maximizes all potential revenue opportunities for your hotel. Lights On Total Revenue Management service allows you to completely offload the revenue management responsibilities from establishing pricing levels for all segments to formulating long and short-term strategies.
Lights On Revenue Optimization integrates local market demand forecasting, competitive data analysis, and price sensitivity modeling enabling us to recommend targeted pricing each day for a full year. We have a unique approach to price optimization with our ability to analyze price trends within the market. The result is we can anticipate and react quickly to market changes and identify demand-generating opportunities.
Revenue optimization may seem easy especially during high season or during periods where your hotel is seeing compression within the city. The true test comes during the low season when dropping rates to the floor doesn’t seem to have much effect. We are low-season specialists. We give you peace of mind throughout the year so your hotel is always busy. Usually hotel revenue management strategy is reactive to what is happening in the market place. Lights On employs a proactive revenue optimization strategy to ensure your hotel is ahead of the competition.